Fed’s Cook Sees Signs AI Could Improve US Labor Productivity

Federal Reserve Governor Lisa Cook said the use of artificial intelligence in the economy presents many unanswered questions for policymakers though there is some evidence that it could improve labor productivity.

“The impact of AI on the economy and monetary policy will depend on whether AI is just another app or something more profound,” Cook said in remarks prepared for delivery at the National Bureau of Economic Research’s conference on artificial intelligence in Toronto Friday. “Empirical evidence is still patchy, but there is work showing that generative AI improves productivity in a variety of settings.”

Cook, the first Black woman ...